Segmented information

12 Months Ended

Dec. 31, 2025

Notes and other explanatory information [abstract]

17.

Segmented information

The Company’s operations are segmented on a regional basis and are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker who is responsible for allocating resources and assessing performance of the operating segments has been defined as the Chief Executive Officer.

Management monitors the business of the Company as a single commodity segment, whose operations relate to the exploration and mining of tungsten across two geographical locations: the Iberian Peninsula (Spain and Portugal) and the Republic of Korea.

For management reporting purposes, the Company is organized into business units based on its products and activities, and has five reportable operating segments, as follows:

	●	The Los Santos Mine located in Spain whose current operations relate to the exploration and prior operations related to mining of tungsten that is ultimately sold as tungsten concentrate (currently in care and maintenance);
	●	The Panasqueira Mine located in Covilha Castelo Branco, Portugal whose operations relate to the exploration and mining of tungsten which is ultimately sold as tungsten concentrate, as well as the production of copper and tin concentrate by-products that are sold as concentrate;
	●	The Valtreixal Mine located in Spain whose operations relate to the exploration and evaluation activities of the Valtreixal tin/tungsten project;
	●	Woulfe, whose properties are located in Gangwon Province, Republic of Korea, and whose operations relate primarily to the development of the Sangdong Mine; and
	●	The Gentung Mine located in Montana, United States whose operations relate to the exploration and evaluation activities of the Gentung Tungsten Project.

The Company monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on income (losses) from mining operations and is measured consistently with income (losses) from mining operations in the consolidated financial statements.

The accounting policies used by the Company in reporting segments internally are the same as those contained in Note 3.

Almonty Industries Inc.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(in thousands of Canadian dollars unless otherwise noted, except for common share information)

Segmented information for the year ended December 31, 2025 is as follows:

Schedule of segmented information

	Los Santos Mine			Valtreixal mine			Woulfe			Panasquiera Mine			Gentung Tungsten Project		Corporate			Total
Revenue		-			-			48			32,466			-		-			32,514
Production costs		-			-			-			(27,928	)		-		-			(27,928	)
Care and maintenance costs		(1,168	)		-			-			-			-		-			(1,168	)
Depreciation and amortization		(20	)		-			-			(1,023	)		-		-			(1,043	)
(Loss) earnings from mining operations		(1,188	)		-			48			3,515			-		-			2,375

Expenses
General and administrative		(504	)		(6	)		(34	)		(1,692	)		-		(18,285	)		(20,521	)
Interest expense		(85	)		-			-			-			-		(3,948	)		(4,033	)
Share-based compensation		-			-			-			-			-		(11,085	)		(11,085	)
Foreign exchange gain (loss)		44			-			121			(449	)		-		(2,689	)		(2,973	)
Interest income		-			-			1			-			-		1,538			1,539
Loss on valuation of warrant liabilities		-			-			-			-			-		(29,337	)		(29,337	)
Loss on valuation of embedded derivative liabilities		-			-			-			-			-		(97,408	)		(97,408	)
(Loss) income before income taxes		(1,733	)		(6	)		136			1,374			-		(161,213	)		(161,443	)

Capital expenditures		2			57			58,366			1,857			-		122			60,404

As at December 31, 2025
Assets
Current		1,322			14			7,473			12,478			-		265,633			286,920
Non-current		33,820			9,280			220,352			24,810			14,428		122			302,812
Total Assets		35,142			9,294			227,825			37,288			14,428		265,755			589,732

Total Liabilities		2,683			1,592			131,621			28,859			250		66,916			231,921

Almonty Industries Inc.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(in thousands of Canadian dollars unless otherwise noted, except for common share information)

Segmented information for the year ended December 31, 2024 is as follows:

	Los Santos Mine			Valtreixal mine			Woulfe			Panasquiera Mine			Gentung Tungsten Project		Corporate			Total
Revenue		-			-			26			28,810			-		-			28,836
Production costs		-			-			-			(24,679	)		-		-			(24,679	)
Care and maintenance costs		(1,067	)		-			-			-			-		-			(1,067	)
Depreciation and amortization		(21	)		-			-			(1,099	)		-		-			(1,120	)
(Loss) earnings from mining operations		(1,088	)		-			26			3,032			-		-			1,970

Expenses
General and administrative		(927	)		(22	)		(14	)		(2,060	)		-		(3,132	)		(6,155	)
Interest expense		(88	)		(8	)		-			-			-		(4,472	)		(4,568	)
Share-based compensation		-			-			-			-			-		(2,734	)		(2,734	)
Foreign exchange gain (loss)		27			(9	)		756			195			-		(2,748	)		(1,779	)
Interest income		-			-			-			-			-		2			2
Loss on valuation of warrant liabilities		-			-			-			-			-		(2,032	)		(2,032	)
Loss on valuation of embedded derivative liabilities		-			-			-			-			-		(630	)		(630	)
(Loss) income before income taxes		(2,076	)		(39	)		768			1,167			-		(15,746	)		(15,926	)

Capital expenditures		-			126			44,033			1,572			-		-			45,731

As at December 31, 2024
Assets
Current		1,101			117			6,111			7,976			-		5,271			20,576
Non-current		31,397			8,592			168,942			26,842			-		-			235,773
Total Assets		32,498			8,710			175,052			34,818			-		5,271			256,349

Total Liabilities		3,845			1,728			107,209			26,799			-		77,695			217,276

Information by geographical region is as follows:

	Revenue				Non-current Assets
Country	Year ended December 31, 2025		Year ended December 31, 2024		December 31, 2025		December 31, 2024
Portugal	$	32,466	$	28,810	$	24,810	$	26,842
Spain		-		-		43,100		39,989
South Korea		48		26		220,352		168,942
United States		-		-		14,550		-
Total	$	32,514	$	28,836	$	302,812	$	235,773

Almonty Industries Inc.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(in thousands of Canadian dollars unless otherwise noted, except for common share information)